Air conditioning maker and engineering services provider Voltas Ltd.
Photo Credit: Voltas
New Delhi: Air conditioning maker and engineering services provider Voltas Ltd on Monday reported an over two-fold jump in consolidated net profit at Rs 335 crore for the first quarter ended June 30, 2024, led by a "significant volume growth" from its room AC business.
Besides, the Tata Group firm also achieved the "milestone" of one million units of AC sales in Q1 FY25 and its total income crossed Rs 5,000-crore mark in the June quarter.
It had posted a consolidated net profit of Rs 129.42 crore in the April-June period a year ago, the company said in a regulatory filing.
Voltas' revenue from operations was up 46.46 per cent in the June quarter. It was at Rs 3,359.86 crore in the corresponding quarter a year ago.
Total expenses of Voltas increased 41.44 per cent to Rs 4,520.40 crore in the June quarter of FY25.
Voltas' total income in the June quarter was up 45.81 per cent to Rs 5,001.27 crore.
In the first quarter of this financial year, Voltas' revenue from "unitary cooling products for comfort and commercial use", which has room AC business, was up 51.24 per cent to Rs 3,802.17 crore. It was at Rs 2,513.97 crore in the corresponding period last fiscal.
Its overall volume grew by 67 per cent in the AC segment in the April-June period.
"The Unitary Cooling Products business continued to outperform the market and maintained its growth momentum," it said, adding "Voltas continues to be a market leader both in Split and Window Air-conditioners with an Exit Market Share of 21.2 per cent as on June 2024." Revenue from "electro-mechanical projects and services", which comprises domestic and international projects businesses, rose 39.77 per cent in the June quarter to Rs 949.13 crore.
"The Domestic Projects business with a presence in MEP (Mechanical, Electrical and Plumbing), Water, Electrical & Solar has grown due to a healthy carry forward order book. Timely execution, focus on completion certification and other related project management initiatives have resulted in a robust bottom-line growth," it said.
For International Projects Business, projects in UAE and Saudi continue to deliver good performance and drive revenue growth for the business. "Strong project execution, timely assessment of cost and profitability have ensured a better bottom-line performance after facing challenges for the last few quarters," it said.
Similarly, its "engineering products and services" revenue was 13 per cent higher at Rs 160.78 crore in the June quarter.
Shares of Voltas Ltd on Monday morning were trading at Rs 1,549.30 on BSE, up 8.32 per cent from the previous close.